Commentary & Deal Flow

• Price Progression:
  • Priced: 8% at 99.443 to yield 8.125%. +314bp vs 4% UKT due 22-October-2031
  • Price talk: 8.25% area (+/-0.125%) - may price with some discount
  • IPT: Mid 8%s
• Spread to Benchmark: 314bp
• Benchmark: 4% UKT due 22-October-2031
• Issuer: Iceland Bondco plc
• Ticker: ICELTD
• Size: GBP250m
• Format: 144A / Reg S
• No Reg Rights: 144A/Reg S for life
• Security: Senior Secured Notes
• Issue Ratings: B2 / B / B+ (positive/positive/positive)
• Maturity: 15-October-2031 (5y)
• Optional Redemption: NC2 (01-October-2028) (MWC G+50bp)
  • 01-October-2028: 104
  • 01-October-2029: 102
  • 01-October-2030: 100
• Equity claw: 2y 40% at 108
• Special call: 10% per year the 1st 2 years at 103
• Change of Control: CoC at 101
• Payment dates: 15-January / 15-July, starting 15-July-2027.
• Denominations: 100kx1k
• Reg S Common Code: 350865080
• Reg S ISIN: XS3508650804
• 144A Common Code: 350773754
• 144A ISIN: XS3507737545
• Listing: The International Stock Exchange
• Law: New York
• Sole Global Coordinator and Sole Physical Bookrunner: HSBC (B&D)
• Joint Bookrunner: NatWest
• Settles: 08-October-2026
• Trade Date: 24-September-2026
• UOP: (i) Redeem in full the existing £250m 4.375% sr sec notes due 05/15/28 (callable at 100), (ii) pay costs, fees and expenses, along with GBP3m cash on hand.
• Ownership: Privately owned by the Malcom Walker family (51.3%) and Tarsem Dhaliwal family (48.7%)
• Biz: Iceland is a food business with a differentiated proposition anchored in UK retail and underpinned by frozen food expertise.
• HQ: Deeside, Wales, UK
  Marketing:
• Roadshow: In-person roadshow will run Wednesday 23rd September and Thursday 24th September, pricing thereafter
• Investor Call: Wednesday 23rd September, 11:30 UK / 12:30 CET
• Books closed: 13:00 UK today 24th September
• Pricing: thereafter
• FTT: 16:10 UK 24-September-2026
• ToE: 15:07 UK 24-September-2026

https://evercall.co/oacc/78210
https://dealroadshow.finsight.com/e/ICELAND26GIC